The MV Cosco Shipping Panama makes the inaugural transit through the expanded Panama Canal, June 26, 2016. Photo: Panama Canal Authority
PANAMA CITY, Dec 7 (Reuters) – Panama and China will begin negotiations in June 2018 to sign a free-trade deal, the two countries’ trade ministers said on Thursday, consolidating a relationship that has strengthened after the Central American nation ditched ties with Taiwan.
Panama’s June decision to end diplomatic links with Taiwan was a major victory for Beijing, as it lures away the dwindling number of countries that have formal relations with the island China claims as its own. Last month, a senior Chinese diplomat said China will provide Panama with whatever help it needs.
Talks to sign a free-trade treaty will begin in June next year, said Panama Trade Minister Augusto Arosemena, who was speaking in Panama City alongside his Chinese counterpart, Zhong Shan.
The Chinese official said it was important to accelerate talks to open up trade between the two countries and deepen commercial links.
“China is willing to stimulate its companies to actively participate in the construction of infrastructure in Panama, including ports, that would be based on mutual interest,” Zhong said.
China and Taiwan have tried to poach each other’s allies for years, often dangling generous aid packages in front of developing nations, though Taipei now struggles to compete with an increasingly powerful Beijing.
Panamanian President Juan Carlos Varela, who signed 19 deals during a visit to Beijing last month, told Chinese state television in September the decision to switch recognition to China had nothing to do with “checkbook diplomacy.”
In October, a group including China Harbour Engineering Company Ltd (CHEC) began building a $165 million port in Panama for cruise ships, the first project announced between China and Panama since they established diplomatic ties.
(Reporting by Elida Moreno; Editing by Lisa Shumaker)
Oct 8 (Reuters) – Former Amazon.com Consumer CEO Dave Clark said on Tuesday his new software supply chain management startup Auger has raised over $100 million in private equity funding from Oak HC/FT and...
By Alexander Smith BARCELONA, Oct 7 (Reuters) – Britain has a once-in-a-lifetime opportunity to win the America’s Cup for the first time in its 173-year history, skipper Ben Ainslie said on Monday,...
(Bloomberg) — Iran’s oil production has defied years of US sanctions to return to almost full capacity — a tide of supply that looks increasingly vulnerable as tensions with Israel...
October 4, 2024
Total Views: 614
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.